Morning Analysis from February 10th: Rebound Does Not Equal Reversal, Focus on Short Positions

Although Bitcoin has recently experienced an oversold rebound, technically it remains within a downward correction within the downtrend channel and has not reversed its trend. Currently, the bullish momentum is mainly driven by partial short covering. The rebound lacks volume, and there is insufficient new capital entering the market. Institutional funds have not shown systematic inflows, and overall buying strength remains weak.

From a technical perspective: the price continues to stay below the key moving average resistance zone, with short-term moving averages in a bearish alignment, exerting continuous downward pressure on the price. The daily chart shows a complete downward channel, with highs gradually decreasing and lows gradually breaking support, indicating the downward structure remains intact. Indicators like MACD show slight recovery but are still in bearish territory, with no strong reversal signals. The options market shows a predominance of bearish sentiment, further limiting the rebound potential.

Overall, the strength and sustainability of this rebound are limited. The current pattern remains primarily bearish, and it is recommended to deploy positions gradually in strong resistance zones.

Trading Suggestions:
- Gradually establish short positions in the 70,500–71,000 range during the rebound
- Target levels: 68,500–67,500